Number switching electricity providers surges 50% as energy bills soar

Data from the Commission for Regulation of Utilities shows that there were 40,575 electricity switches in March

The number of households switching their electricity accounts rose by 51% between March 2021 and March 2022, as more consumers shopped around in the face of surging energy costs.

Data from the Commission for Regulation of Utilities shows that there were 40,575 electricity switches in March, marginally down on the 41,722 switches in February. In addition, 13,952 households switched their gas account in March 2022, up 67% on the same month last year.

The increase in switching comes as the latest Central Statistics Office figures show just a dramatic rise in energy bills in recent months. In the year to April, electricity rose by 27.8%, gas rose 50.5%, and home heating oil almost doubled (up 90.1%).

These hikes, which first began in October 2020, have added hundreds of euro to the average annual energy bill for households across the country.

According to the CRU data for March 2022, Electric Ireland were the biggest beneficiaries in terms of people switching. It added 45,541 electricity customers between May 2021 and March 2022. Bord Gáis Energy had a net gain of 6,790 while PrepayPower had an extra 1,589 customers.

Energia (-12,481), SSE Airtricity (-749), Pinergy (-4,211) and Panda Power (-13,217) suffered net losses of customers switching in this period.

In terms of switching gas suppliers, Electric Ireland also performed well here with a net gain of 25,397 customers in this time. PrepayPower added an extra 3,387 gas customers while the other suppliers all had net losses in customers.

Daragh Cassidy, head of communications at Bonkers.ie, said that it’s “unsurprising” people are looking for better value given some suppliers have doubled their prices in the past 18 months.

“Even though switching activity is at close to record levels, a recent report by the CRU found that over 40% of people say they have never switched supplier,” he said. “So I’d encourage anyone who hasn’t switched in recent years to do so as a matter of urgency.” 

He added that while Electric Ireland had increased its energy prices significantly, its competitors have raised prices by more. “This means it’s offering the cheapest gas and electricity by a long shot right now so it’s unsurprising that it’s pulling in more new customers,” he said.

As the Government has faced calls to do more to support people in dealing with the surging cost of living, part of the official advice has remained that people should “shop around” to get value and save money.

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When Bord Gáis became the first major supplier to hike its prices in March, a move which was followed by its competitors, CRU said that “switching supplier or renegotiating with your current supplier can still deliver savings for active customers”.

Minister Eamon Ryan told the Seanad in February that CRU data indicated that customers could save €300 by switching their electricity or gas supplier every year.

Junior Minister Sean Fleming, meanwhile, drew ire for the way he urged people to shop around during an interview with RTÉ earlier that month, over a reference to “stop complaining” that he said referred to Opposition TDs.